New Issue: Morgan Stanley sells $8.48 million of leveraged buffered notes on S&P

By Devika Patel

Knoxville, Tenn., Dec. 26 – Morgan Stanley Finance LLC priced $8.48 million of 0% leveraged buffered notes due Dec. 23, 2020 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

If the index return is positive, the payout at maturity will be par plus triple the index return, subject to a maximum settlement amount of $1,247.50 per $1,000 of notes. Investors will receive par if the index declines by 10% or less and will lose 1.1111% for every 1% that the index declines beyond 10%.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Leveraged buffered index-linked notes
Underlying index:	S&P 500
Amount:	$8,475,000
Maturity:	Dec. 23, 2020
Coupon:	0%
Price:	Par
Payout at maturity:	If index return is positive, par plus triple index gain, capped at $1,247.50 per $1,000 of notes; par if index falls by up to 10%; 1.1111% loss for every 1% drop beyond 10%
Initial level:	2,467.42
Buffer level:	2,220.678, 90% of initial level
Pricing date:	Dec. 20
Settlement date:	Dec. 28
Agent:	Morgan Stanley & Co. LLC
Fees:	2%
Cusip:	61768DUJ2

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